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Cash Basis For Landlords

Cash basis for landlords – what does this mean for property businesses?   The default method by which accounts need to be undertaken has changed from April 2024 for all businesses, from one of an accrual basis to a cash basis. However, for individuals property businesses this has been the case since April 2017.  …

Employment Benefits And Property

When it comes to employment benefits and property, Whitings are here to help!   Property is affected by a large variety of direct and indirect taxes, whether that’s Stamp Duty Land Tax (SDLT), Capital Gains Tax (CGT), Income Tax (IT) or Inheritance Tax (IHT). These tax implications can be triggered by the acquisition, disposal, or…

What happens to property when a loved one dies?

Do you know what happens to property when a loved one dies?   Why Choose Whitings LLP to help with administering the estate? We understand that losing a loved one can be a very difficult and challenging time. It can often be a daunting process for those appointed as personal representatives with the worry and…

Don’t Miss The 60 Day Deadline

Don’t miss the 60 day deadline! It is now well established that taxpayers have 60 days from the date of completion to report a property disposal and pay any Capital Gains Tax (CGT) to HMRC. Those within Self Assessment must also report their disposal on the Capital Gains section of their tax return for the…

Section 21 No-Fault Evictions

What could changes to section 21 no-fault evictions mean for the property sector?   With the new government being elected it is important to see the impact this will have on landlords and tenants. Although Labour have been in power less than a month, one of their main campaign and manifesto points was to immediately…

Buy To Let through a Limited Company

There continues to be an ongoing debate when buying a residential property to let out about whether to buy this personally or set up a limited company to own it. Unlike our sole trader v limited company comparisons for a trading business there is not a clear division based on profits. There are a lot…

Extended Support for Farmers

Extended support for Farmers is available through incentives and changes to planning laws.   The government has today published details of the expanded SFI offering for 2024. As expected, the offering now includes actions for precision farming and agroforestry and support for upland farmers, short term tenant Farmers and new entrants. There are now 102…

DemCom win 2024 Ely SME Business Awards

Last night saw the gala awards presentation evening for the 2024 SME Ely Business Awards.   Local businesses were eligible to enter 16 categories, to celebrate excellence and success within the Ely business community. Whitings have been headline sponsors of the event since 2017 and the leadership team from our Ely office dressed for the…

Don’t get de-banked!

Why do businesses get de-banked?   MP’s on the Treasury Committee have recently looked at an issue that has been creeping up on some SME’s recently and causing real problems – where your bank shuts your account without your instruction and without warning.   The committee have discovered that this has occurred 130,000 times over…

Issue 5 of our Property Matters Newsletter

Issue 5 of our Property Matters Newsletter is one which has been influenced by the March Spring Budget, during which there was an announcement in relation to the treatment of Furnished Holiday Lettings, and my colleague Harriet Sim has provided her views on the changes that are to be made. Daniel Walker also covers what…